September 27, 2018 / 2:02 PM / 2 months ago

ECB's Draghi wants more tools for regulating shadow banks

European Central Bank (ECB) President Mario Draghi attends the news conference following the governing council's interest rate decision at the ECB headquarters in Frankfurt, Germany, September 13, 2018. REUTERS/Kai Pfaffenbach/Files

FRANKFURT (Reuters) - Financial policymakers need more tools and data to regulate investment funds and other so-called “shadow banks” after a boom in the industry, European Central Bank President Mario Draghi said on Thursday.

“The growth in importance of the non-bank financial sector requires commensurate additions to the policy toolkit,” Mario Draghi told an event at the ECB.

“Policymakers also need access to – and the ability to process and understand – high-quality data to underpin their decisions.”

Reporting by Francesco Canepa and Balazs Koranyi; Editing by Hugh Lawson

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